How can i know P/L from this image

Snake.Head

Snake.Head

Well-Known Member
#31
#31
masonicinvestor said:
I am sure that intra-day is treated as speculative loss, and as such cannot be used for any deduction and bears direct 30% tax bracket irrespective of slab. This loss cannot be also used to cut profit or carry forward to next years.
Click to expand...
It come under Speculative Business income and Time limit for carry forward and set-off of losses is 4 years compare to Losses of F&O as a Trader is carry carry forward 8 years

I request you to go through MARKETS AND TAXATION module
It cover all info you need has trader on taxation related to trading.
 
T

Trady

Active Member
#32
#32
Hello,

If any one need assitance with Accounting Part in Tally and Taxation of your Trading / Investing business you can get in touch with me.
 
PUCHU_2500

PUCHU_2500

Well-Known Member
#34
#34
why worry about IT notice. before opening a trading a/c with your broker or bank a/c you must submitted your true copy of PAN card....so IT deptt knows all your financial information, like your FD, bal in pass book, MF etc. so take your all bank pass books, MF/ FD certificates, trading statements (for this ask your broker to provide for IT return) and to save IT do not forget to take all LIC prem pay slip and meet an IT consultant/CA. he will solve all your problem. who said that you will have to pay IT on your loss amount....? brother how much you have deposited to your broker as margin money, how much earned profits from trading, how much interest paid by your bank or you received other income only that amounts will come into your books of account.......if all your yearly income is less than 2.5 lac, I think you do not have to pay any income tax, just submitt IT return.......
above statement just from my limited knowledge, it may not be correct,
(I live in small town, my local IT consultant charges Rs. 1000/- per year)
 
T

tradertrader

Active Member
#39
#39
So far I understand about your situation some suggestion.
1) If you are a intraday trader or fno or option then your turnover is Gross profit or Loss. Not amount invested. For example You had made a profit of Rs 1000 today excluding cost means gross (sell - buy) and second day loss of rs 1000 then your turnover is Rs 2000 for future. For option little different. if required I will post. No need of audit if your total turnover as explained is below eligible limit of that year.

2) When I was trading in mcx my monthly turnover for brokerage purpose was rs 100 crores plus. And I also get notice from department for information purpose and I said yes and mention rules with message after that nothing happens.

3) If you want to claim loss in next year then you have to submit returns within due date else you are not able to claim loss.
If you have any query I can try to guide. Because there is many myths spread by less knowledgeable people. Even many Ca misguide trader for fees or lack of knowledge. Dont afraid as you dont have done sin.
 
T

tradertrader

Active Member
#40
#40
Snake.Head said:
It come under Speculative Business income and Time limit for carry forward and set-off of losses is 4 years compare to Losses of F&O as a Trader is carry carry forward 8 years

I request you to go through MARKETS AND TAXATION module
It cover all info you need has trader on taxation related to trading.
Click to expand...
Fno trading is normal business income not speculative business. Only intraday share trading in cash is speculative and tax rate is normal so far i remember. Only set off and carry forward of losses rules different in case of speculative transaction.
 
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
S Save Image of charts.. how to use loop AmiBroker 0
TraderRavi Image insert in conversations Your Feedback & Suggestions 8
TraderRavi Insert image option Your Feedback & Suggestions 7
GoldenTrader Free Image Hosting for Low Bandwidth Users Websites 1
mtftrader Moving image file website? General Chit Chat 4

Similar threads